Opinion: He Wants Your 401(k) Now

This transcript has been automatically generated and may not be 100% accurate.

... I ... coming after your for one ... day so ... a little low item in his budget this week to ... which is ... not a lot of the chillier basically the president thinks the ... roughly three million dollars is enough in retirement savings and if you have more than that will then there's can be some ... family ... Alicia family is here to tells about it ... we got a lot of detail but ... I thought these were ... accounts that either and where the money had already been taxed or there was a promise that they would not be taxed until retirement ... when you can the ... take them as income they're ... busy with writing the deal here ... that's basically what he's seeing someone to do is that ... you put money in you that the reason lacks the reasonable expectation that ... at that meeting they tax you have it ... in the tax deferred ... and now he's saying ... once in its three million suppose sleeping I can go back to two point two million ... write a will to dispense a three million as the ball partly the hard number that they have in the budget ... this is can the roughly three million the point is that he does not believe anybody should get to ... more than the equivalent of a two hundred five thousand dollar annual budget which some would say he's saying that equals about three million of value where ... it is likely or some gun mechanism the cap for accounts there but the ... you pointed out that I'm ... while were ... were ... putting these limits apparently according to the president's budget on ... private workers and therefore a one K's ... there's a limit on what public sector employees can get in terms of value their pensions and I were actually looking a graphic here this is ... compare the contribution limits where you see a ... IRAs for a one K's I've in all of us are at ... this early hitting that level every year but the ... the San Jose police pension contribution dwarfs what heretofore one k or IRA and that's right that we have to think that the limited on our forum where Aaron latch Tribune also making this a fifty one thousand dollar limit between employee and employer contributions them go for like a beam that dwarfs the amounts the total contribution and how many employers actually pay in the three thousand dollars I'm not not many I think ... I think most people would say that the ... again we were not single out the detail on this but one day till they have ... put out from the White House is that this raises nine billion dollars over ten years ... which ... in federal budget terms to it ... in this age this is not about the I thought was that lowballing how much they think they're going to be able to pull it ... I think this is the impact the local clay I in spring redistribution is ... on a stranded car in the point zero zero one percent you know the so-called Mitt Romney's ... aam and but it is in fact the actually breaks the country ... well ... they're not yet in the running ... last year we had an issue where it managed to ... put a lot of I think shares in a four one kids on the war worth much that towards the end of the word tens of millions of dollars he never really ... explained exactly how but dove but clearly on ... the president does in the long run the twenty twelve campaign in India